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Daily Crypto Market Update – BTC Stays Above $27K as Network Fees Surge to 2-Year High

The total crypto market valuation is down to $1.149 trillion following net outflows of approximately $20.1 billion in the past day. Similarly, the market caps of Ethereum and Bitcoin have declined by 0.86% and 1.32% to $221.64 billion and $534.37 billion, respectively.

The top ten cryptocurrencies have continued to perform poorly today. They are all in the red, with Litecoin and MATIC being the biggest losers after falling by 5.1% and 3.2% to trade at $78.65 and $0.88, respectively.

Meanwhile, Tether’s USDT has posted net inflows of $198 million, and now its market cap stands at $82.40 million. Its major competitor USDC declined to $30.25 billion while the third-biggest stablecoin BUSD plummeted to $5.96 billion.



BTC’s market dominance (46.9%) has not been affected at all despite the coin declining by 1.26% in the last 24 hours. It’s trading at $27,408 as of this writing.

The bulls have defended Bitcoin from dropping below the $27,000 support level amid a surge in network fees. It now costs $30.1 to make a Bitcoin transaction, the highest since May 2021.


The second-largest cryptocurrency dominates 19.4% of the crypto market as of Tuesday evening. ETH price increased by 2.44% in the last 24 hours to change hands for $1,864. The highest it has traded today is at $1,877. The bulls are keen to prevent ETH from going below the support at $1,845 to increase the chances of rallying to $1,900.

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Top Five Gainers

Bitcoin SV – The network fee spike and congestion problems in Bitcoin led investors to shift their focus to the blockchain’s fork Bitcoin SV. As a result, BSV has surged 33% to trade at $0.172 as of this writing. Its market cap is $779.02 million.

Bitget Token: BGB is valued at $0.466 following a 24-hour surge of 17.41%. The crypto asset has seen 7-day gains of 17.9% and has a market capitalization of $654.24 million.

tomiNET: This token surged 14.54% to trade at $4.11 on Tuesday evening. TOMI was also featured on the top gainers’ list on Monday. Its market cap is $163.14 million.

KAVA: The crypto asset increased 8.57% in the last 24 hours. It’s priced at $0.771 with a market valuation of $394.62 million.

Lido Dao Token: LDO’s market cap is up to $1.64 billion. The token has seen its price surge 8.3% to $1.86.

Top Five Losers

RSK Infrastructure Framework: RIF has shed some of the gains it posted on Monday after declining by 18.79% in the last 24 hours. It’s priced at $0.13 with a market valuation of $136.21 million.

Radicle: RAD is down 16.3%, meaning it has lost all Monday’s gains (10.1%). Nonetheless, RAD is up 40.2% over the last 30 days. Its market valuation stands at $130.54 million.

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PEPE: After a massive rally over the last few days, PEPE has begun a downturn, falling 15.16% in the previous 24 hours. The meme coin’s market capitalization is $772.24 million, currently trading for $0.00000191.

WOO Network: WOO trades at $0.222 following a 24-hour loss of 14.76%. The token’s market cap plunged to $385.35 million.

CORE: The digital asset joins other top losers for the second straight day after shedding 13.6% of its value to trade at $0.897. It has recorded a 30-day loss of 39.8%. The CORE market capitalization stands at $100.61 million.

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Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

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